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SELECTED NOTES TO AND FORMING PART OF THE<br />
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (UN-AUDITED)<br />
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2010<br />
22. Provisions and write off<br />
3 months to 6 months to<br />
<strong>Dec</strong>ember 31, <strong>Dec</strong>ember 31, <strong>Dec</strong>ember 31, <strong>Dec</strong>ember 31,<br />
2010 2009 2010 2009<br />
(Rupees in thousand)<br />
Trade debts written off - related parties 206,227 – 206,227 8,451<br />
Provision for doubtful trade debts – other parties 249,574 – 249,574 9,822<br />
Provision for doubtful advances<br />
and other receivables<br />
– related parties 439,859 – 439,859 –<br />
– other parties 15,599 – 15,599 –<br />
Provision for impairment of capital work in progress 353,515 – 353,515 –<br />
Provision for impairment of goodwill on<br />
acquisition of subsidiary company 5,765 – 5,765 –<br />
Provision for obsolete stores and spares 271,998 – 271,998 –<br />
23. Other income/ (loss)<br />
1,542,537 – 1,542,537 18,273<br />
Profit/(loss) on sale of fixed assets (6,709) – (6,798) 23,326<br />
Rental income – 3,892 – 3,892<br />
USF grant recognised as income (84,816) – 25,939 –<br />
Other income/ (loss) (3,610) 6,271 4,247 7,477<br />
24. Finance cost<br />
(95,135) 10,163 23,388 34,695<br />
Interest/markup 507,699 163,886 1,012,486 669,926<br />
Cross currency and interest rate swap contracts cost 377,947 171,155 377,947 171,155<br />
Amortization of ancillary cost of long term finance 22,301 – 44,602 –<br />
Finance cost of leased assets 596 190 852 595<br />
Bank charges, commission and fees 28,762 44,006 41,849 103,785<br />
Exchange loss/(gain) (11,937) 323,160 41,250 310,650<br />
925,368 702,397 1,518,986 1,256,111<br />
Mark up on long term finance capitalised under<br />
property, plant and equipment (117,196) (146,189) (234,392) (292,377)<br />
25. Income tax charge/(credit)<br />
808,172 556,208 1,284,594 963,734<br />
Current (12,894) 4,310 3,747 8,621<br />
Prior Period – – 2,601 –<br />
Deferred (773,071) (291,944) (849,108) (583,889)<br />
(785,965) (287,634) (842,760) (575,268)<br />
46<br />
WATEEN TELECOM LIMITED half yearly report dec ‘10